Biz Groups Join Push For Justices' Input In IBM ESOP Case

Law360 (April 9, 2019, 4:54 PM EDT) -- The U.S. Chamber of Commerce, ERISA Industry Committee and American Benefits Council have joined an IBM retirement committee in asking the U.S. Supreme Court to take up a case over the proper pleading standard for fiduciary breach claims involving employee stock ownership plans.

In their amicus brief Monday, the groups told the high court that the Second Circuit was wrong to revive a proposed Employee Retirement Income Security Act class action accusing an IBM retirement committee of wrongly allowing workers to invest in company stock with an inflated price. The appellate court's ruling relaxed the pleading standard the Supreme Court established...

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